Wage Adjustment in the Great Recession
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The authors are grateful for helpful comments from David Card, Henry Farber, Alexandre Mas, Jennifer Smith, and participants at the May 2013 NBER conference on labor markets and the Great Recession. The paper is based partly on data from the New Earnings Survey (Crown copyright 2012) originally created, funded, and deposited by the Office for National Statistics, and distributed under secure access by the UK Data Archive. Neither the Office for National Statistics nor the UK Data Archive bears responsibility for the accuracy, comprehensiveness, analysis, or interpretation of these data. Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen's Printer for Scotland. Elsby gratefully acknowledges funding from the Philip Leverhulme Prize granted by the Leverhulme Trust. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, or the Leverhulme Trust.